Getty Images's stock falls 15% after company swings to loss, cuts outlook

Shares of Getty Images Holdings Inc. (GETY) dropped more than 15% in the extended session Monday after the company reported preliminary second-quarter results that missed Wall Street expectations, swinging to a loss, and cut its sales outlook for the year. Getty lost $4.3 million, or one penny a share, in the quarter, contrasting with net income of $38.7 million, or 9 cents a share, in the year-ago period. Revenue fell 3.3% to $225.7 million, the company said. FactSet consensus called for earnings of 4 cents a share on sales of $236 million. Getty called for 2023 revenue between $920 million and $935 million, compared with a previous guidance of 2023 revenue between $936 million and $963 million. "The second quarter was a more challenging environment," Chief Executive Craig Peters said in a statement. "The second quarter also saw us launch major search improvements through natural-language search, providing significantly improved returns against any customer query. We also continue to make progress in developing a truly differentiated generative AI service that addresses customers' commercial needs and in introducing new AI modification capabilities within our sites."

-Claudia Assis

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08-14-23 1809ET

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